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Companies in 21st century have to adapt to ever changing environment. At present, companies represent a curious mix of old as well as the new economy. A great deal of research has already been done with respect to the old economy, but for the new economy, companies are learning it rather hard way. Companies have […]
Understanding the Power of Feedback and Content on Social Network
Social Web is of the people, by the people and for the people. It is the freedom of expression and freedom of publishing, creating and sharing content using text, audio and visual media that powers the Social Media Networks. There are millions of social networks and the numbers are only growing. For the first time, […]
13 Most Common Advertising Techniques Used by the Advertisers
Today every company needs to advertise its product to inform the customers about the product, increase the sales, acquire market value, and gain reputation and name in the industry. Every business spends lot of money for advertising their products but the money spent will lead to success only when the best techniques of advertising are […]
Services Marketing – Definition and Characteristics
Introduction The world economy nowadays is increasingly characterized as a service economy. This is primarily due to the increasing importance and share of the service sector in the economies of most developed and developing countries. In fact, the growth of the service sector has long been considered as indicative of a country’s economic progress. Economic […]
What are Compulsory CSR Commitment Policies and Their Effectiveness and Pitfalls
What are Compulsory CSR Commitments and How They Work in Corporates In many multinational companies such as Goldman Sachs, SAP, and P&G, employees are expected to spend time on Corporate Social Responsibility activities and in turn, they are rewarded or penalized based on whether they have undertaken the necessary commitments with regards to CSR activities. […]
It is crucial to understand the complete product life cycle before introducing a new product or service in the market. One needs to understand that every product goes through certain stages starting from inception to its manufacturing, marketing, branding and finally losing popularity in the market. It is essential for the organizations to manage the product life cycle well as it ensures the product is launched successfully in the market and also gain popularity in no time eventually leading to increased sales and profitability of the organization.
Let us understand product life cycle in detail:
Understand the expectations of your target audience and how your product should offer something extra than your competitors. Know what you want. This is one of the most crucial stages in product life cycle as it decides whether the product will be able to survive the fierce competition and give other available brands in the market a run for their money.
Planning at this stage is extremely crucial. Decide as to what the technical specifications should be, tentative price, target audience and how the product needs to be marketed. Jot down each and every detail neatly on a piece of paper so that you do not miss out on anything.
Make sure you never compromise on quality so that the final product not only meets but exceeds customers’ expectations. That’s the reason why organizations have a separate quality department who check each and every product thoroughly to ensure hundred percent product satisfaction. The checked product then goes to the packaging department and finally to distribution channels.
Tie up with a good advertising agency who designs a catchy advertisement for your product.Get pamphlets distributed, hoardings and banners displayed at the most strategic locations for maximum visibility.
Remember, information needs to flow in its desired form among all the stages of product development. Coordination is extremely crucial as the next stage is totally dependent on the previous step. Communication needs to be effective among all team members so that everyone is clear about his/her roles and responsibilities and contribute to the maximum.
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